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DBS chief Davy stepping down

DBS founder and chairman Ken Davy is stepping down after 20 years with the company.

Davy pioneered the IFA network concept and for two decades he has been one of the industry&#39s highest-profile figures.

He is leaving the comp-any of his own accord at the age of 60. DBS was bought by Misys in June 2001, with the deal netting Davy around £7m.

Davy set up DBS in 1983, turning it into the biggest IFA network in the UK, servicing more than 1,700 member firms with a total of over 3,000 registered individuals.

He started his career in financial services as a salesman for Abbey Life in 1970 and was a founding board member of both IFA Promotion and Aifa and a former president of the LIA.

In January this year, in his capacity of chairman of the Money Management Council, he warned that the abolition of polarisation would stop people on lower incomes getting independent financial advice.

Davy was a leading critic of the tactics employed by the IFA Association when it was savaged by the Government in 1998, arguing that its stance over the pension review was too confrontational.

His passion outside financial services is Huddersfield Rugby League Club, which he chairs. Davy has no career plans but intends to be active in the industry in the future.

Misys Financial Services Division chief executive Ivan Martin says: “I think that everyone in the sector would acknowledge that Ken is a true business pioneer. We all pay tribute to the fact that his ideas led to the creation of a great business.”

Davy says: “The time is now right for me to move on. Misys is a large and successful organisation and I have no doubt they have the ability to manage the potential of DBS.

“I look forward to being able to continue to contribute to this great industry in the future. Whatever happens now as a result of CP 121 and the potential demise of polarisation, the FSA can never take away the significant benefits that IFAs have provided to clients over the last 14 years.”

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